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Severance or unemployment count as earned income?

 
 
Barry Margolin
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      02-10-2004, 04:11 AM
For purposes of being able to contribute to an IRA, does
severance pay or unemployment insurance count as earned
income?

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Barry Margolin, (E-Mail Removed)
Arlington, MA

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Phil Marti
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      02-11-2004, 12:05 PM
Barry Margolin <(E-Mail Removed)> writes:

> For purposes of being able to contribute to an IRA, does
> severance pay or unemployment insurance count as earned
> income?


Severance yes; unemployment no.

Phil Marti
Topeka, KS

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Helen P. OPlanick EA
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      02-11-2004, 02:39 PM
> For purposes of being able to contribute to an IRA, does
> severance pay or unemployment insurance count as earned
> income?


Severance as it is reported on a W-2.

Helen, EA in PA
Member of The Tax Gang
Director, National Assoication of Enrolled Agents
Immediate Past President, PA Society of Enrolled Agents

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A.G. Kalman
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      02-11-2004, 03:37 PM
Barry Margolin wrote:

> For purposes of being able to contribute to an IRA, does
> severance pay or unemployment insurance count as earned
> income?


Severance YES, Unemployment NO.

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Alan
http://taxtopics.net

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Harlan Lunsford
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      02-11-2004, 03:56 PM
Barry Margolin wrote:

> For purposes of being able to contribute to an IRA, does
> severance pay or unemployment insurance count as earned
> income?


The former IS pay, and therefore appears on a W2, and
therefore is earned income. The latter however is not.

Cheer$,
Harlan Lunsford, EA n LA

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